Loading...
HomeMy WebLinkAbout0250 8. Insp~ction. I.ender may make or cauae to be made reawnable entries upon and inepectiona otthe prvperty, provided that l.ende~ shall give Borrower notice prior to any euch inspectioa apecifying reaaonable cause therefor related to l.ender'~ inte~at in the Pmperty. 9. Coademnetion. The proceede of any award or claim for damagea, direct or consequential, i~ connectio~ with any oondemnation or other taking of the properiy, or part thereoi, or for co~veyance in lieu oi oondemnation, are hereby aeaigned and ahall be paid to l.ender. !n the event of e totel taking ot the Poope~ty, the pra~eede shall be applied to the sume secured by this Mortgage, with the e:cees, if any, paid to Borrower. 1~ the event of a partial taking of ~ tha Property, unlees 8orrower and Lender otherwiee egree in writing, there ahall be applied to the aums secund by this Mortgage auch proporiion ot the procee~ds as is equal to that propottion which the amount of the aums eecured by thie Mortgage immediately prior to the date of taking beare to the [air market value of the Property immediately prior to the dete of taking, with the balanc~ of the pinceeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer nouce by l.ender to Borrower that the oondemnor ofYere to make an award or aettle a claim for damagee, Borrower fails to respond to Lender within 30 days after the date such notice ie mailed, I.ender is authorized to collect and apply the proceeds, at Lender'e option, either to resbration or repair ot the pmperty or to the aume eecured by this Mortgege. Unleas lender and Borrower otherwiee agree in writing, any such application of proceeds to principal shall not e:tend or postpone the due date of the monthly inetallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such installmenta. 10. Borrower Not Releaeed. E:teneion o[ the time for paymant or ~nodification of amortization ot the aums eecured by thie Mortgage ~ranted by I.ender to any aucceaeor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower'a succesaora in interest. Lender ahall not be required to commence pra~eedinge againat auch auccessor or refuee to e:tend time [or payment or otherwise mudify amortization otthe auma secured by thia Mortgage by reason ot any demand mede by the original Borrower and Borrower'e aucceasora in intereat. 11. Forbearance by I.ender Not a R?aiver. Any forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwise af[orded by applicable law, shall not be a waiver of or prPClude the exerciee of sny euch right or remedy. The procurement of insurance or the payment of tazee or other liene or chargee by I.ender ahall not be a waiver of Lender a right to aocelerate the maturity of the indebtednesa secured by thie Mortgage. 12 Remediee Cumuletive. Al? remediea provided in this Mortgage are diadnct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be rxerciee.i ooncurrently, independently or eucceaeively. 13. Succeesore and Aseigna Bound; Joiat and Several Lisbillty; Captione. The covenante and agreemente hernin contained ahall bind, and the righte hernunder ehall inure to, the respective eucceesore nnd aasigne of Lender and Borrower, aubject to the provieione of paragraph 17 hereof. All covenanta and agreementa of Borrower shall be joint and eeveral. The captione and headings of the paragraphe of this Mortgage are for covenience only and are not to be ueed to interpret or define the proviaiona hereof. l4. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to E3orrower provided forin this Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Addresa or at euch other addresa as E3orrower may designate by notice to I.ender as provided herein; and (b) any notice to I.ender shall be given by certified mail, return receipt requeated, to Lender's addreas atated herein or to euch other address as Lender may designate by notice to Borrower se provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or [xnder when given in the manner deeignated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgagecombinea uniform oovenants for national nseand non- uniform covenants with limited variationa by juriadiction to rnnatitute a uniform security inatrun~ent oovering real property. Thia Mortgage shal) be governed by the law of the jurisdiction in which the Property is located. ln the event that any provic+ion or clauae of thia Mortgage or the Note conflicts with applicable law, auch conflict shall not af~ect other proviaione ot thie Murtgage or the Note which can be given effect w~thout the rnnflicting provision, and to this end the provisiona of the biortgage and the Note are declared to be severable_ 16. Borrower'e Copy. Borrower ahall be furnished a conformed oopy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17. 'l~anefer of the Property; Aeaumption. If all or any part of the Property or an intereat therein ia sold or transferred by Borrower .+~thout Lehder'a prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchase money security intereat for houeehold appliances, (c) a tranafer by deviae, deacent or by operation of iaw upon the death of a joint tenant or (d) the grant of any leaeehold internst of three years or leae not containing an option to purehase, Lender may, at Lender'a option, declare all the aums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, [.ender and the person to whom the Property is to be aold or trana[erred reach agreement in writing that the credit of auch person is satiafactory to Lender and that the interest payable on the sums secured by this Mortgage ahall be at such rate as Lender ahall request. [f Lender has waived the option to accelerate provided in this paraqraph 17, and if Bortower's succeasor in intereat has executed a written assumption agreement accepted in writing by Lender, Ixnder ahall release Borrower from a1l obligationa underthia Mortgage ac~d the ~i ote. - ! If Lender exerrises such option to accelerate, l.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof i Such notice shall provide a period of not less than 3U days from the date the notice is mailed within which Borrower may pay thesuma declared j due. If Borrower fails to pay auch aums prior to the expiration of such period, Lender may, without further notice or demand on f3orrower, f ~nvoke any remedies permitted by paragraoh lri hereof. i ' 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or ~ agreement of Borrower in thia Mortgage. including the covenants to pay when due any eume secured by this Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower es provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not leae than 30 days from the date t6e notice is mailed to Borrower, by which auch ~ breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may reault in acceleratioo of the Buma secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property.The notice ahall ~ further inform Borrower of the right to reinetate aRer acceleration and the right to asaert in the foreclosure proceeding the ; non-e:istence of a default or any other defense of Borrower to aceeleration and torecloaure. If the breach is not cured on or ~ before the date epecified in the notice. Lender at Lender's option may declare all of the eums aecured by this Mortgage to be g immedietely due and payable without furtherdemand and may forecloae this Mortgage by judicial proceeding. Lender ehall be [ entitled to coliect in auch proceeding all expenaes of foreclosurP. including. but not limited to, reasonable attorney's feee. and ~ costs of documentary evidence. abstracts and title reports. : 19. Borrower's Right to Reinetate. Notwithatanding Lender's acce~eration of the eume secured by this Mortgage, Borrower shall have ~ the right to have any proceedinqs begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notes aecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures aU breaches of any other covenante or egreements of Borrower contained in ~ thie Mortgaqe; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the covenanta and agreemente of Borrower conlained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's fees; and (d) Borrower takea euch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender'e interest ~ in the Property and Borrower'a obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon euch payment and cure _ by Borrower, this Mortgage and the obligations eecured hereby shall remain in full force and effect se if no acceleration had occurred. 20. Aseignment ot Rents; Appointment o! Receiver. Ae additional eecurity hereunder, Borrower hereby asaigna to Lender the renta of the Property, provided that Borrower ehall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right ' to collect and retain auch rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a receiver appointed by a _ coutt to enter upon, take poasesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All tenta ~ collected by the receiver eha11 be applied firat to payment of the rnsta of management of the Property and rnlleetion of rnnta, including, but not ~ limited to, receiver a fees, premiuma on receiver a bonds and reasonable attorney's feea, and then to the auma secured by thia Mortgage_ 7'he I receiver ahall be liable to acoount only for those renta actually received. ~ ~ ~ s~ ~ ~ ~ p `s p~ T(. JLi;Y ~ ~N~~ ~yV - 4 ~i= i. _ _ e _ ; - ~ ' _ - - - . . ~-s"~ -a.~.~.~- ~ z ~ _ _ ~,n.~., _ ~